Page 33 - April JSF Report

BOARD OF DIRECTORS MINUTES (DRAFT) March 21, 2023
Members Present: Malcolm Macleod, Bea Awoniyi, Sherry Salway Black, David Blaikie, William Corwin, Mike Miller, Robert Krause (non-voting)
Others Present: Richard Krause, I. King Jordan, Jr., Sharon Wood Other Present virtually: Hugh Brown
Malcolm chaired the meeting.
1. Approval of Minutes
Minutes of the September 13, 2022 meeting had been circulated and were approved as presented.
2. Business Arising from the Minutes
There were no matters arising from the Minutes.
3. Organizational Matters
A. Policies. The following draft policies had been circulated for consideration and approval.
1) Endowment Oversight Policy
The Grant Program Committee recommended this policy to the Board with the addition of the annual reporting provision.
The Board unanimously approved the Endowment Oversight Policy as presented. 2) CEO grantmaking authority
The Grant Program Committee recommend that the CEO have the authority to make grants up to $50,000. It was noted that this should state the authority is per grant and not an overall limitation.
The Board unanimously approved the increase of the CEO’s grantmaking authority to $50,000 per grant. 3) Investment Policy
This policy was presented for annual review. There were no changes to the policy. The Board reviewed the policy and made no changes.
4) Signing Authority Policy
Contemplating that the position of CFO will cease at the end of July and the new Financial Controller will be in place before the September Board meeting, it was recommended that this policy be approved now to be effective July 31, 2023.
In addition to the revisions regarding the CFO, this policy has been updated with the Committee names as approved in March 2022.
Lastly, the current policy included the Board Chair signing documents due to the father/son relationship between Dick Krause, CFO and his son Bobby, who is the Foundation’s CEO. Following Dick’s retirement, the Board Chair will no longer need to serve as a signatory. The policy revisions restore the signature duties to the CEO.
The Board unanimously approved the Signing Authority Policy as presented to be effective July 31, 2023. 5) Personnel Policy
The primary revisions to this policy are related to the office move from Flagler Center to One N. Clematis Street.
The other revision was to amend the Complaint Procedure on pages 9 and 11 from the Chair of the Audit Committee to the Chair of the Board.
The Board unanimously approved the Personnel Policy as presented.
Page 31 HORIZONS